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New York’s richest residents are preparing to flee the city after plans to make them pay the highest income tax rate in the US were signed off by officials.
Top earners will hand over 52% of their income to support federal, state and city budgets under the proposed hike, which is aimed at “boosting” New York’s “Covid-hit economy”, says The Telegraph.
But business leaders have warned that the move could “backfire by driving away the very people and companies the city relies on for its revenue”, the paper adds.
New York’s “wealthiest 5%” currently contribute 60% of the city’s revenue, and “fewer than 2,000 of the very richest account for more than a sixth of tax revenues”, The Times reports.
Bloomberg
New York s closely watched pharmacy benefit carve-out has been delayed by two years under the state budget announced Tuesday evening by Gov. Andrew Cuomo, Sen. Andrea Stewart-Cousins and Assemblyman Carl Heastie.
Health centers and insurers were among opponents that celebrated the delay, saying it provided them more time to push for a complete repeal. They had been fighting the state s efforts to move Medicaid managed care s pharmacy benefit back to fee-for-service since it passed in the governor s budget April 2020. The carve-out would disproportionately affect safety-net providers participating in a 340B program, they said.
The passed health budget bill would implement the transition no sooner than April 1, 2023, instead of April 1 of this year, as proposed by the governor. It differed from the Assembly s proposal in March, which requested a three-year delay for the transition and a reimbursement fund for 340B-covered entities, and the Senate s proposal, which called f
New York set to legalise mobile betting following budget agreement
7th April 2021
| By Conor Mulheir
Governor of New York Andrew Cuomo has agreed the FY 2022 New York State Budget, which includes the introduction of mobile wagering in the state.
The governor, together with state senate majority leader Andrea Stewart-Cousins and assembly speaker Carl Heastie, announced their agreement on the budget yesterday (6 April).
Under the budget legislation, the state will issue a request for applications and must select at least two platform providers, who will work with a total of at least four operators or skins.
Cuomo’s office says that once it is fully phased in, legalisation of the vertical will provide more than $500m (£361.7m/€420.8m) in revenue for the state, with the possibility of becoming the largest sports wagering market in the US.